KyberSwap Breached in $46 Million Hack Thanks to ‘Infinite Money Glitch’ A Heist for the Modern Age!
KyberSwap Suffers $46 Million Attack Due to 'Infinite Money GlitchSource: AdobeStock / Roman Samokhin
According to legendary genius Doug Colkitt, the recent $46 million hack on KyberSwap was not your average run-of-the-mill exploit. No, my friends, this was an exploit of epic proportions, an infinite money glitch that would make even the most audacious con artist drool with envy. It was a sophisticated, carefully engineered attack that left the crypto world in awe.
In a Twitter thread, Doug Colkitt took us on a thrilling journey through the dark alleys of KyberSwap’s security vulnerabilities. And boy, did he uncover some devious tactics employed by the attacker!
But before we dive into the nitty-gritty of the hack, let me set the stage. Picture this: A flash loan of 10,000 wstETH, worth a staggering $23 million, enters the scene. This loan isn’t your ordinary loan; it’s the kind of loan that screams “shady business.” The attacker swiftly swaps 2,800 wstETH into the pool, manipulating the price like a maestro manipulating an orchestra.
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Now, here’s where it gets interesting. The attacker pulls off a mind-boggling feat of trickery by creating liquidity out of thin air. It’s like turning water into wine, but more profitable. They meticulously burn and mint just the right amount of wstETH to create the illusion of liquidity in a specific price range. It’s a magic trick that would make Houdini proud.
And then comes the grand finale—the swaps. The attacker executes not one but two swaps that would make your head spin faster than a roller coaster ride. In the first swap, over a thousand wstETH are sold for a measly 0.0157 ETH, sending the price into a tailspin. But don’t worry, my friends, because in the second swap, the attacker buys a whopping 3,911 wstETH from the pool, raising the price back up.
But here’s the kicker—the attacker ends up with more money than they started with! It’s like winning the lottery twice in a row. They’ve discovered the secret recipe for creating infinite money out of thin air, and it’s enough to make Scrooge McDuck jealous.
Doug Colkitt’s unraveling of this intricate hack reveals a flaw in KyberSwap’s concentrated liquidity feature. The attacker masterfully manipulated the system by exploiting tick boundaries and confusing the poor platform into perceiving nonexistent liquidity. It’s like pulling a rabbit out of a hat, except the rabbit is actually a bunch of zeros on a screen.
But let me be clear, my digital asset enthusiasts, this exploit is specific to KyberSwap. Other reputable decentralized exchanges with concentrated liquidity, like Ambient or Uniswap, are not at risk. So, keep calm and carry on with your trading adventures, knowing that the villains are targeting the right places.
Now, isn’t blockchain technology fascinating? It’s a world where high-stakes heists unfold like Hollywood blockbusters, and the bad guys always come up with mind-blowing schemes. So, stay vigilant, my friends, and remember to invest wisely because in this digital Wild West, it’s not just the gold rush—it’s a roller coaster ride you won’t want to miss.
Have you encountered any exciting or audacious exploits in the crypto world? Share your stories and let’s have a laugh together!
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